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RESOLUTION RECITING A PROPOSAL FOR A FINANCING PROGRAM FOR A MULTI-FAMILY RENTAL HOUSING DEVELOPMENT PROJECT, GIVING PRELIMINARY APPROVAL TO THE PROJECT AND THE ISSUANCE OF HOUSING FACILITIES REVENUE BONDS, PURSUANT TO MINNESOTA STATUTES, CHAPTER 462C, AND APPROVING A HOUSING PROGRAM (COLLEGE PROPERTIES, INC. PROJECT) WHEREAS, (a) On July 26, 1993, this City Council of the City of Roseville, Minnesota (the "city"), adopted a preliminary resolution (the "Earli~r Preliminary Resolution") with respect to a Project (as described therein) proposed by College Properties, Inc. (the "Developer"); (b) Minnesota Statutes, Chapter 462C (the "Act") confers upon cities, the power to issue revenue bonds to finance a program for the purposes of planning, administering, making or purchasing loans with respect to one or more multi-family housing developments within the boundaries of the city; (c) The City has received from the Developer a proposal that the City undertake a program to finance a Project hereinafter described, through the issuance of revenue bonds or obligations (in one or more series) (the "Bonds") pursuant to the Act; (d) The City desires to facilitate the development of rental housing within the community; encourage the development of affordable housing opportunities for residents of the City; encourage the development of housing facilities designed for occupancy by elderly persons; and encourage the development of blighted or underutilized land and structures within the boundaries of the City; and the Project will assist the city in achieving these objectives; (e) The "Project" to be financed by the Bonds is the acquisition of land, construction and installation of a 127 unit senior independent living facility, a 91 unit senior assisted living facility and related equipment and improvements to be located at the 247198 2